12/27/2022 0 Comments Benefits of priority matrixIn this case, scoring would be an over-kill the organization just needed to determine the most important work at that time.Prioritization in product management is the disciplined process of evaluating the relative importance of work, ideas, and requests to eliminate wasteful practices and deliver customer value in the quickest possible way, given a variety of constraints. I have seen this approach used in an organization that received a high volume of small project requests. Prioritization matrices can also be used to triage large volumes of project requests to focus the organization on the hottest projects. A governance team could quickly determine a categorical priority for the project at an early gate review. This would be commonly used in a stage-gate process before a formal business case has been developed. Even in organizations where projects are scored and ranked, prioritization matrices can be used for “pre-screening” purposes to do a preliminary prioritization. Due to the simplicity, organizations can quickly get the benefit of prioritization without spending the time to do a thorough scoring of each project. Prioritization matrices are good for organizations new to the portfolio management process. When Should a Prioritization Matrix Be Used? When evaluating multiple large projects, a scoring system will provide a more accurate analysis over a prioritization matrix. Prioritization matrices cannot do a good job of evaluating projects based on multiple criteria, and therefore cannot do a thorough job of distinguishing important projects from less important projects. At best, such a matrix can provide a categorical ranking of projects in the portfolio, but this won’t help prioritize projects within the same category. Prioritization matrices are unable to produce a rank ordered list of projects in a portfolio. With a traditional scoring model, it is difficult to evaluate “keep the lights on” type of work, but with a prioritization matrix it is easier to compare priorities for project and non-project work. In addition, various kinds of work can be prioritized using a prioritization matrix. Because of its simplicity, prioritization becomes a much faster exercise and allows decision makers to quickly distinguish important projects from less important projects. Basic criteria should be developed for each part of the matrix, but once complete, decision makers can apply the criteria to various types of work. Calculations are not required for determining the relative priority of a project. Prioritization matrices are easy to understand and simple to use. Prioritization matrices have three primary strengths: simplicity, speed, and applicability to all types of work. Otherwise, the matrix is of little value because decision makers can have wildly different views for what is of high importance versus low importance. Of course, to be effective, every choice should have some predefined criteria. The most simplistic prioritization matrix has three choices, low, medium, and high. Firstly, a priority matrix differs from a more traditional scoring approach in that it offers a limited number of priority selections. I would like to highlight the strengths and weaknesses of using such a tool for portfolio management. In a recent LinkedIn discussion, questions were asked about the short-comings of prioritization matrices.
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